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ID fraud and online data theft concern ecommerce platforms

Customer data theft from ecommerce platforms, which can lead to ID theft and online fraud, has jumped to the top of concerns for ecommerce businesses, according to a new report.

The fifth annual UK Online Fraud Report from secure payment provider CyberSource states that losses related to fraud in the last year affected one in eight online retailers as cyber crooks intensified their interest.

More than 150 online merchants and 1,000 consumers participated in the study, which also showed that more than half of ecommerce websites now rate data theft as the biggest threat.

"It is particularly worrying to see that this trend is not being pushed back," said CyberSource managing director Simon Stokes.

"And, when you put it against the backdrop of the current financial crisis, no-one can afford to lose revenue in this climate."

According to UK payments association Apacs, consumers should always check bank statements and check receipts against the statements in order to see whether they may have fallen victim to online fraud.

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